CORP BRIEF: Reservoir Link, Bintai Kinden, Pos Malaysia and JAG


Reservoir Link secures Petronas well repair contract

RESERVOIR Link Energy Bhd’s wholly owned subsidiary, Reservoir Link Sdn Bhd (RLSB), has received a letter of award for the provision of well leak repair equipment and services, from Petronas Carigali Sdn Bhd (PCSB), a subsidiary of Petroliam Nasional Bhd (Petronas). In a statement yesterday, the company said the contract is valid for three years from March 22, 2021, until March 22, 2024. RLSB had previously secured a similar contract from PCSB which ended on Jan 31, 2021, where the group completed approximately RM30 million worth of jobs. The provision of well leak-related services under the current contract includes providing engineering consultancy on well leak issues; and well leak recti cation services as per PCSB’s requirement.

Bintai Kinden to expand healthcare business

BINTAI Kinden Corp Bhd will acquire Johnson Medical International Sdn Bhd to expand its healthcare business segment for RM50 million. In a ling to Bursa Malaysia, the company noted it has entered into a memorandum of understanding (MoU) with the vendor, Yeo Eng Lam, to acquire approximately three million ordinary shares, representing 100% equity interest stake in Johnson Medical. The proposed acquisition would be satis ed via a combination of cash amounting to RM26 million and the issuance of 58.54 million new ordinary shares in Bintai Kinden at RM0.41 each. Under the MoU, the vendor will provide Bintai Kinden with a pro t guarantee of RM3.5 million and RM5.6 million for the financial year ending Dec 31, 2021 (FY21) and FY22 respectively.

Pos Malaysia appoints Mohamed Sharil to its board

POS Malaysia Bhd has appointed Datuk Mohamed Sharil Mohamed Tarmizi as independent non-ED effective today. In a filing to Bursa Malaysia yesterday, Pos Malaysia said Mohamed Sharil’s extensive background and immense experience in the corporate and regulatory sectors, as well as legal and nance, would bring a diverse range of disciplines to the board. Mohamad Sharil was previously the chairman and chief executive of the Malaysian Communications and Multimedia Commission.

JAG unsuccessful on LSS project bidding

JAG Bhd’s wholly owned subsidiary, JAG Renewable Energy Sdn Bhd (JRESB) and RH Silver Sdn Bhd (RHSSB) failed in the bidding of undertaking a large-scale solar (LSS) programme — Malaysia Electricity Industry to Attract RE Investment. In a filing to Bursa Malaysia yesterday, the company noted that the commercial agreement entered into between JRESB and RHSSB on Aug 6, 2020, would be terminated with immediate effect.